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Shares of Jammu and Kashmir Bank are trading lower by 9% to Rs 123 on the BSE after it posted a 67.43 per cent decline in net profit at Rs 104.64 crore for the third quarter ended December 31, 2014-15, on account of rise in bad loans. The bank’s net profit was Rs 321.29 crore in the corresponding quarter last year.
Meanwhile, gross NPAs as a percentage to total advances rose significantly to 5.81 per cent, from 1.65 per cent in the same quarter an year ago and the operating profit of the bank declined to Rs 380.53 crore as against Rs 440.84 crore in the year-ago period.
However, the total income has increased to Rs 1,849.44 crore during quarter ended December, from Rs 1,802.97 crore in the same period last fiscal, the bank said in a BSE filing.
The stock opened at Rs 129, touched a low of Rs 121 on the BSE. A total of 230,198 shares changed hands on the BSE so far.
